Heat a small amount of olive oil (about 1-1 1/2 tsp) in a large pot. Add carrots, celery, and onion. Cook and stir until onion begins to soften. Add potatoes, broth, and paprika. Bring to a boil, then reduce heat. Simmer until potatoes are tender, about 15 minutes. Add Velveeta and stir until melted. Do not boil after adding cheese. Serve immediately.