In case anyone is curious, the function that breaks with Mathjax enabled is shown below. The error occurs on the line indicated as "Call to undefined function (line 869 of /sites/all/modules/field_collection/field_collection.module)" which works fine when Mathjax is uninstalled or disabled.
/**
 * Implements hook_field_formatter_view().
 */
function field_collection_field_formatter_view($entity_type, $entity, $field, $instance, $langcode, $items, $display) {
  $element = array();
  $settings = $display['settings'];
  switch ($display['type']) {
    case 'field_collection_list':
      foreach ($items as $delta => $item) {
        if ($field_collection = field_collection_field_get_entity($item)) {
          $output = l($field_collection->label(), $field_collection->path());
          $links = array();
          foreach (array('edit', 'delete') as $op) {
            if ($settings[$op] && field_collection_item_access($op == 'edit' ? 'update' : $op, $field_collection)) {
              $title = entity_i18n_string("field:{$field['field_name']}:{$instance['bundle']}:setting_$op", $settings[$op]);
              $links[] = l($title, $field_collection->path() . '/' . $op, array('query' => drupal_get_destination()));
            }
          }
          if ($links) {
            $output .= ' (' . implode('|', $links) . ')';
          }
          $element[$delta] = array('#markup' => $output);
        }
      }
      field_collection_field_formatter_links($element, $entity_type, $entity, $field, $instance, $langcode, $items, $display);
      break;
    case 'field_collection_view':
      $element['#attached']['css'][] = drupal_get_path('module', 'field_collection') . '/field_collection.theme.css';
      $view_mode = !empty($display['settings']['view_mode']) ? $display['settings']['view_mode'] : 'full';
      foreach ($items as $delta => $item) {
        if ($field_collection = field_collection_field_get_entity($item)) {
          $element[$delta]['entity'] = $field_collection->view($view_mode);
          $element[$delta]['#theme_wrappers'] = array('field_collection_view');
          $element[$delta]['#attributes']['class'][] = 'field-collection-view';
          $element[$delta]['#attributes']['class'][] = 'clearfix';
          $element[$delta]['#attributes']['class'][] = drupal_clean_css_identifier('view-mode-' . $view_mode);
          $links = array(
            '#theme' => 'links__field_collection_view',
          );
          $links['#attributes']['class'][] = 'field-collection-view-links';
          foreach (array('edit', 'delete') as $op) {
            if ($settings[$op] && field_collection_item_access($op == 'edit' ? 'update' : $op, $field_collection)) {
              $links['#links'][$op] = array(
/* 
<------------------------ CALL TO UNDEFINED FUNCTION 
'entity_i18n_string' OCCURS ERROR OCCURS on line of code below  
----------------------->
*/
                'title' => entity_i18n_string("field:{$field['field_name']}:{$instance['bundle']}:setting_$op", $settings[$op]), 
                'href' => $field_collection->path() . '/' . $op,
                'query' => drupal_get_destination(),
              );
            }
          }
          $element[$delta]['links'] = $links;
        }
      }
      field_collection_field_formatter_links($element, $entity_type, $entity, $field, $instance, $langcode, $items, $display);
      break;
    case 'field_collection_fields':
      $view_mode = !empty($display['settings']['view_mode']) ? $display['settings']['view_mode'] : 'full';
      foreach ($items as $delta => $item) {
        if ($field_collection = field_collection_field_get_entity($item)) {
          $element[$delta]['entity'] = $field_collection->view($view_mode);
        }
      }
      break;
  }
  return $element;