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This paper studies the performance of IEEE 802.15.4 MAC protocol in terms of throughput stability and energy consumption. We modeled it as a multi-queue single-server system and considered the service time distribution of head-of-line packets as a Markov Chain taking into account beacon-enable mode, acknowledgement and unsaturated traffic. We obtain the characteristic equation of network throughput and illustrate the stable throughput region with respect to the retransmission factor. We also show that the energy consumption of each node is kept small within the stable throughput region. The analysis in this paper is verified by simulation results.