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We present a queueing model for performance analysis of go-back-N (GBN) and selective repeat (SR) automatic repeat request (ARQ) protocols in wireless networks using dynamic radio link adaptation with non-instantaneous feedback. Link adaptation technique allows multi-rate transmission which is assumed to be achieved through adaptive modulation and coding. The radio link level queueing models for these two ARQ protocols are formulated in discrete time where the exact queue length and the delay statistics are obtained by using matrix geometric methods under different feedback delay values, channel and system parameters. The link layer delay statistics are useful in many ways, for example, to perform packet level admission control under statistical delay constraints. We validate the analysis by simulation and discuss useful implications of the analytical model on system performance. For dynamic link adaptation, the mode switching thresholds for the received signal-to-noise ratio (SNR) can be chosen to obtain very good link level delay performance. This SNR partitioning is shown to achieve significant cross-layer design gain compared to the case where the mode switching thresholds are chosen to maximize the physical layer throughput.