Low dietary calcium intake leads to hypocalcemia, which stimulates the parathyroid glands to secrete more parathyroid hormone (PTH) via negative feedback. PTH acts to restore serum calcium by increasing bone resorption, enhancing renal calcium reabsorption, and stimulating renal 1-alpha-hydroxylase activity (not 24-hydroxylase). Calcitonin levels would decrease, not increase, as it responds to hypercalcemia. Phosphate levels typically decrease due to PTH's phosphaturic effect.