Volume of cylinder:
[tex]V = \pi r^2 h[/tex]
Volume of cylinder scaled down to 1/2:
[tex]V = \pi (\frac{1}{2} r)^2 (\frac{1}{2} h) =\frac{1}{8} \pi r^2 h[/tex]
The volume has been reduced to 1/8 of original volume.
In general the impact on volume will be the scale factor cubed:
[tex](\frac{1}{2})^3 = \frac{1}{8} [/tex]