Inverted: The elves are the inferior race, compared to the superior races.
The dwarves are more tech-savvy, the humans are more intelligent, and the normal elves are skilled than the different elves.
Subverted: Despite having superior technology and intelligence, the elves are pretty average.
The elves are no more different than the other races and get along just fine with them.
Double Subverted: ... which is a cover-up for their hidden tendencies.
Until they acquire advanced technology and decide to gloat over and brag about their discovery over the other races.
Parodied: The elves are so different, that they believe that humans are cavemen, the dwarves are drunkards, and their cousins are morally retarded and socially backwards.
Deconstructed: One of the elves decides to elope with a human woman, shunning him in the eyes of his racist comrades. Thus, the elves are seen as cold-hearted bastards and the other races vow to never become like them.
Alternatively, the elves are seen as arrogant and selfish by the other races, who refuse to realize that they are no more arrogant and selfish than them. Whenever humans and elves coexist, the later may find themselves subjected by much prejudice, when they are the minority. If the former are the minority, the later may feel oppressed, and bottle up much anger and hatred. Expect much tragedy, either way.
Reconstructed: However, the elves realize what they have done and decide to change their ways and become more open and friendly to the other races.
Fortunately, they realize that humans aren't all that perfect., restoring their pride as a superior race.
