The first thing to be aware of is that input levels below -39.8 dB are reduced in volume. I am not 100% sure that that should happen. Edit: That is because of the Noise Floor parameter.
Have a look at these curves, showing the effect of Sensitivity on the volume change:

The green line shows the volume for 0% Sensitivity. With 100% Sensitivity (the red curve) the Output volume is pretty constant but only for Input levels in the range -20 dB to +4 dB (shouldn't the effect cover Range * 2?). 50% Sensitivity (the purple curve) flattens the Output curve across a wider range and 75% (the blue curve) flattens it more.
It may be worth noting that it seems that the "target output level" (my term) is about -14.1 dB. Input levels above that are reduced towards it and input levels below it are increased towards it.
These curves show the effect of the Output parameter value.

Changing it just changes the transformed Output level by the specified amount. For example, setting the Output to -3 dB, sets the "target output level" to-17.1 dB (as shown by the lime green curve)
And now we come to the Range parameter.

For an Input of -24 dB, 100% Sensitivity and 24 dB Range, the Output Volume is about -15 dB (the dark red curve)
For an Input of -24 dB, 100% Sensitivity and 6 dB Range, the Output Volume is about -18.5 dB (the dashed orange curve), a gain of about 5.5 dB
With 50% Sensitivity, the Output Volume is about -20 dB (gain of about 4 dB)
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To me it seems more intuitive if the Output parameter were replaced by a "Target" parameter and the output level calculated appropriately. For example, a Target value of -12 dB would be the same as if the current Output value were set to 2.1 dB (= -12 - -14.1). Then we could set the desired level.




