Congraz on actually posting something useful for your 10 posts, most people just posts stuff like "yea I agree" 10 times on random posts, but I digress.
One of the things that you did not take into mind and should be, is the time it takes for the production of an army. For elves, armies also takes longer to produce than Orcs and Humans, so if you take into account of that, sure Elves may beat Orcs and Humans if the Orcs and Humans do not continue to produce in the back and supply the on going war, however, if the elf army beats the first Orc army, and right behind the fallen Orc army is a bran new army with the same amount of Orcs as the army before, the elves can than be seriously overrun just by the difference of how fast Orc units can show up at your front door. Not sure if you have played Star Craft before, but I think its the easiest way to explain. If you are playing Terran against Zergs, and the Zerg just keeps on ling rushing you, some times better units that takes way too long to create can cost you your whole city and game.