The quadratic formula provides a method to solve quadratic equations of the form ax^2 + bx + c = 0. It expresses the solutions for x in terms of the coefficients a, b, and c as x = (-b ± √(b^2 - 4ac))/2a. The document demonstrates applying the quadratic formula to solve the equation 7x^2 + 14x - 3 = 0, obtaining the two solutions x1 = 0.2 and x2 = -2.2.