What I usually do is open the PDF page I want in GIMP, but there are more possibilities like Imagemagick. However, that would result into bitmaps. For formula's SVG or MathML would be best, but that will require recreating the formulas. Downside for SVG is that it is not supported in mobi AFAK and MathML is only supposed to be supported in ePUB3.
If I am wrong and SVG is supported in mobi, you can try the codecogs site to convert a formula to SVG. If not, you would be best of with a PNG. If you optimize the PNG, they can be rather small in size.
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