I don't have your particular HP printer; mine is the Officejet 6500 which is also wireless. All that I needed to do was to use the printer's setup panel to have it connect to the wireless network provided by my Time Capsule. Once connected, my Macs and PCs easily found the printer and installed the appropriate device drivers to communicate with it.
The Deskjet 3050A do support wireless connection.
First ensure you have the latest full software installed:
Temporary connect the pritner via USB to your Mac, then go to Applications > Hewlett-Packard > Device Utilities and follow the HP Setup Assistant to connect the pritner to your Airport base.
The isntallation will prompt you to unplug the USB once the wireless configuration completes.
Thanks for the input, but the issue is that when I use the assistant, the device is not in the list to configure for wifi network. I have tried inputting the network IP address, the DNS hostname and the device is still not found, and I wouldn't have a clue ho to assign an IP to the printer because the control screen has very few options for set-up from the printer itself. At this point, I'm ready to chuck the Airport and the printer in to the street.