Here's what those levels are adjusting:

16Hz 60Hz = SUB BASS This is the super low-end that can be felt physically by
your body on a good subwoofer/sub-bass system. Sounds with these frequencies are
the most powerful ones, and they will take up a lot of room in the mix. Use this
range to fatten up your kick drums or sub-bass patches. Too much volume in this
range makes your mix sound muddy.

60Hz 250Hz = BASS This is where basslines and kick drums have their most
important sounds. A common problem is that the bassline and kick cancel each
other out due to PHASE problems (easily demonstrated when DJ-ing, if you play two
tracks and have them beatmatched, it's important to cut one of the tracks' bass
level or else the kick drums will cancel each other out and the overall bass level is
lowered). A useful trick then is to try PHASE INVERSION on either the bassline or the
kick drum, compressing the kick and bass together and/or avoiding to place a bass
note on top of a kick drum. This range should also be lowered in most other sounds
like guitars, synth lines and vocals so they don't interfere with the kick and bassline.
Too much volume here makes the mix sound boomy.

200Hz - 400Hz Too much volume here will cause vocals to sound muddy and
unclear. Cut this to thin out drum parts like snares, hi-hats, percussions and
cymbals, boost to make them sound warmer or more woody.

250Hz 2kHz = LOW MID or MID-LO Most instruments have their darkest parts
here; guitars, piano, synthlines. Boosting around 500Hz 1kHz can sound horn-
like while boosting 1kHz 2kHz can sound metallic.

400Hz - 800Hz You can reduce some of these frequencies on the master mix to
make your overall bass level sound tighter. Boost or cut here to fatten up or thin out
the low end of guitars, synthlines and vocals.

800Hz 1kHz Here you can also fatten up vocals and make them sound warmer, in
a different way than the previously mentioned method. Boosting around 1kHz helps
add to the knocking sound of a kick drum.

1kHz 3kHz This is the edgy part of a sound, boost (gently!) here to define guitars,
pianos, vocals and add clarity to basslines. Cut here to remove painful mid-
frequencies in vocals. This frequency range is very hard on the ears, so be careful
not adding too much volume here!

2kHz 4kHz = HIGH MID or MID-HI Vocals have a lot of sound in this area, the