Check out what the recommendations are on the package, as each company has different ratios that should be used to make a 2 quart ration. Hopefully you don't have the soy-based replacer as that can cause a lot of digestive upset and make calves more unthrifty (just do a search on here on "soy milk replacer for calves", on the top right corner of this thread). This link also has a lot of information on how to best feed milk replacer to a calf: http://www.savacaf.com/assets/products/74/RA/101/htmlFile.htm
Twice a day feedings are best. Make sure they're at the around same time every day, because calves love routine, and are more healthier if they're fed at the same times every day. Don't over-feed the calf because he'll scour, even though he'll tug at your heart-strings to tempt you to give him more. Here's another link to check out: http://bottlecalf.blogspot.ca/2012/05/bottle-feeding-calves-milk-replacer.html
And, lastly, welcome to the world of raising cattle, and I wish you the best of luck with this little booger in the future!