README: update paths documentation

[msssk]

Type: feature

The following has been addressed in the PR:

• There is a related issue
• All code has been formatted with prettier as per the readme code style guidelines
• Unit or Functional tests are included in the PR

Description: update documentation for paths configuration

• reformat for clarity
• add information on output
• add information on static

[codecov]

Codecov Report

Merging #334 (c4e430d) into master (181c774) will not change coverage.
The diff coverage is n/a.

@@           Coverage Diff           @@
##           master     #334   +/-   ##
=======================================
  Coverage   85.43%   85.43%           
=======================================
  Files          54       54           
  Lines        2602     2602           
  Branches      706      706           
=======================================
  Hits         2223     2223           
  Misses        379      379           

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