below is a link to a previous thread regarding your question. If you go to post #23 in that thread, it describes the way I determine co2 levels based on the ph drop. Not original to me, but something that I read elsewhere that made sense to me. Hope it helps. In addition, all of the info in that thread is pretty much on point re: your question.
http://www.plantedtank.net/forums/equipment/49118-co2-questions-2.html
Keep Smilin'
John
http://www.plantedtank.net/forums/equipment/49118-co2-questions-2.html
Keep Smilin'
John