In this paper, we introduce a novel medium access control (MAC) protocol for Radio Frequency Identification (RFID) systems. This protocol exploits the Markov Chain Model of Slotted Aloha and there by tries to come up with a more efficient model so as to significantly improve the total read time performance along with the lesser tag collision. The protocol design has been extended so as to address the problem of cost reduction in RFID .This is done by combining the of Markov Chain Slotted Aloha model for MAC Layer along with Two Time Scale SPSA (Simultaneous Perturbation Stochastic Approximation).The so designed protocol is programmatically simulated and mathematically the results have been derived to prove its enhanced performance along with lowered cost involved in object identification.