The forula for the area of a rectangular pyramid is 1/3(base)x height. since you are cutting all 3 dimensions in 1/2 volume will now be 1/8 that of the original (1/2x1/2x1/2)
Volume of a cylinder is area of the base(pi r^2) x height
Since the volume is proportional to the square of the radius (1/3x1/3=1/9) and directly proportional to the height (1/3)
So the volume will be (1/9) x (1/3) = 1/27