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Also, what are pros and cons of changing quantization steps? These questions been wondering over my head and i wasn't able to find any suitable answer anywhere else. would appreciate your help :)

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Is it an homework?
In any case:
increasing sample rate: audio reproduction is more accurate but memory occupation is higher
decreasing sample rate: memory occupation is lower but audio reproduction is less accurate
Have a look here for more detailed information

rosco
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  • I'd argue that bit depth (resolution) has more to do with audio being more accurate, not sampling rate. A lower sample rate simply means that the maximum (Nyquist) frequency will be lower (half the sampling rate) – dsp_user May 22 '17 at 13:50