Setting price by Option value

[NewbieEcommer]

I have products that come in either #################### or CD-Audio. DVD's are always $8 and CD's always $4. So far I have only been able to set pricing by setting up the following:

Option Name: Media Type
Option Values: Audio CD, Video DVD
Then after creating the product, I have to go into Attributes Controller, apply these two Option Values and price each one FOR EACH PRODUCT.

Is it possible to set a price for the products by attributes with out the tedium?

This is extremely tedious and if I change prices, I would have to change each product.

Can someone tell me a better way to do this? Thanks.