We need to host following
1 (2 core, 2GB) instacne of mysql database
1 (4 core, 4GB) instance for tomcat/java hosting

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Yes, you indeed can use the same droplet to host multiple applications.
And if you want to limit amount of resources for each application, you can use virtualization program such as docker: https://docs.docker.com/engine/reference/run/#/runtime-constraints-on-resources

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