In-band full duplex (IBFD) wireless communication is gaining a lot of interest as it improves spectral efficiency. Due to development in self-interference cancellation schemes and overcoming hardware limitations, IBFD communication can be realized in future generation wireless systems. IBFD introduces new problems in the MAC layer such as false collision detection and miss collision detection. The false collision detection wastes the channel usage and miss collision detection results in a lost frame. These errors occur due to imperfect sensing that results from residual self-interference (RSI). In this thesis, we introduce a new Markov chain model for the performance analysis of full duplex MAC protocol which allows the nodes not only to transmit but also continuously monitor the channel and abort the transmission as soon as a collision is detected (CSMA/CD). Maximum retry limit and backoff freezing are implemented in the Markov chain model. A more realistic miss collision detection implementation is done which take care of all miss collision detection cases. Goodput and packet loss probability are derived to evaluate the performance of CSMA/CD while considering false and miss collision detection. The accuracy of the analytical model is validated by using extensive simulations for saturated traffic condition, that show a reasonable numerical error for goodput and packet loss probability.