More than one Cluster on single server (single instance)

Hello Team,

We are planning to create multiple clusters on a single server (single instance) with PostgreSQL V.10 to run multiple applications. 

I don't know if it is a good idea to use a single machine to run n clusters but we are looking to minimize the cost of servers and other resources.

 

Please share your thoughts on this approach? 

How can we create multiple clusters under a single postgres version?

How can we identify/allocate the resources to parameters like shared_buffers, effective_cache_size, work_mem etc in case of multiple clusters?  

Thanks