Setting price by Option value

I have products that come in either DVD-Video 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.

Are the prices always double for the DVD?

Have you tried using the on the attributes the Price Factor?

This would allow you to enter the Product Price as 4.00 ...

Then on the DVD set the Price Factor to 2 and the Off Set to 1 ...

You would see the prices as the Product Price of $4.00 and the Attributes would be:
Audio CD
Video DVD +$4.00

Then if you change the Product Price to 5.00 the attributes would automatically change to:
Audio CD
Video DVD +$5.00