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In Heroes of Might and Magic: A Strategic Quest, the elf is the third tier creature associated with the Forest town. Statistically, it is a weak unit, but its Double shot ability makes up for that.

This creature is quite low on Attack and damage, but since it can fire twice per round, this weak spot can be ignored. The druid is however a better deal than the elf, so only hire elves if there are no druids available. One thing to remember is that elves can only use daggers when an enemy is adjacent, and thus loses its ability to attack twice per round. For this reason, it is recommended to keep elves well defended; dwarves can do it well at the early stages of the game. In latter stages, unicorns can fill the guardian role.

Heroes of Might and Magic I creatures
Farm (Knight) units Peasant - Archer - Pikeman - Swordsman - Cavalry - Paladin
Plains (Barbarian) units Goblin - Orc - Wolf - Ogre - Troll - Cyclops
Forest (Sorceress) units Sprite - Dwarf - Elf - Druid - Unicorn - Phoenix
Mountain (Warlock) units Centaur - Gargoyle - Griffin - Minotaur - Hydra - Dragon
Neutral creatures Rogue - Nomad - Ghost - Genie